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Singapore says Basel II rules take effect in Jan

Thu Dec 13, 2007 10:12pm EST

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SINGAPORE, Dec 14 (Reuters) - The Monetary Authority of Singapore (MAS) said on Friday capital adequacy rules that aim to more closely link capital requirements with actual risks for banks will take effect in the city-state from January 1.

The rules, part of a global pact known as Basel II, were established by the Basel Committee on Banking Supervision in June 2004 for banks to have more rigorous processes to assess their overall capital adequacy.

Banks with a higher risk profile will have higher regulatory capital requirements.

Singapore's three local banking groups are DBS Group (DBSM.SI), United Overseas Bank (UOBH.SI) and Oversea-Chinese Banking Corp (OCBC.SI).

MAS requirements can be found on its web site at: here tal A top U.S. bank regulator said on Thursday that the Basel II rules need some adjustment to reflect market turmoil from illiquid subprime-linked securities, after a global credit squeeze caused by rising U.S. mortgage defaults. (Reporting by Kevin Lim, editing by Neil Chatterjee)



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